(It's not so much that we are being conned by the FED, more that the incumbents are incompetent--IMO)---QE3 has been left far too late, that is if QE should have ever been started. Williams now appears to want permanant QE!--Next FOMC meeting concludes 1st August.---------------------------------------------------------------------------------------

Quote by FED FOMC voting member John Williams:

He added that there would also be benefits in having an open-ended programme of QE, where the ultimate amount of purchases was not fixed in advance like the $600bn "QE2" programme launched in November 2010 but rather adjusted according to economic conditions. "The main benefit from my point of view is it will get the markets to stop focusing on the terminal date [when a programme of purchases ends] and also focusing on, 'Oh, are they going to do QE3?'" he said. Instead, markets would adjust their expectation of Fed purchases as economic conditions changed.

At the next FOMC meeting on August 9th?--------------------------------------------------

Federal Reserve Bank of San Francisco President John Williams said the U.S. central bank must maintain "extraordinary vigilance" to see if the slowing economy requires additional monetary stimulus.

"If further action is called for, the most effective tool would be additional purchases of longer-maturity securities, including agency mortgage-backed securities," Williams said in a speech in Coeur D'Alene, Idaho today. Last month's decision to extend the so-called Operation Twist program "will probably have a relatively modest impact."

So are you implying that your Queen has become senile?No comment required so none will be made.

After all, she knighted Sir Alan- for his "contribution to global economic stability."Can't have it both ways: Either Sir Alan facilitated that laudable feat during his long chairmanship, or he was such obvious a fraud that even you could do better.The Queen obviously tapped the recipient upon his shoulder with the royal sword to cement US relations, but if on reflection you believe his feats were laudable maybe its time to go back to Uni! Not so much that he was a fraud--- since the recomendation for a knighthood would have come direct from the White House.

yet Her Maj was too ignorant to notice.No comment required so none will be made.

Isn't hindsight marvelous! Hindsight has nothing to do with it, I can vividly remember telling your goodself some 12 years ago that Sir Spendsalot was a madman in charge of Draculas Bank!

So are you implying that your Queen has become senile?After all, she knighted Sir Alan - for his "contribution to global economic stability."Can't have it both ways: Either Sir Alan facilitated that laudable feat during his long chairmanship, or he was such obvious a fraud that even you could do better, yet Her Maj was too ignorant to notice.

Isn't hindsight marvelous!

--------------------

I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)